The Dow Jones Industrial Average fell 6.1 points, or 0.02%, at the open to 29,233.06. The S&P 500 rose 2.0 points, or 0.06%, at the open to 3,590.83, while the Nasdaq Composite rose 10.8 points, or 0.10%, to 10,436.996 at the opening bell.
The Labor Department’s producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. The reading was still lower than and 8.7% increase in August.
“It’s stubborn and some people are hoping that we had peak inflation and it’s going to come down quickly,” said Joe Saluzzi, partner at Themis Trading in Chatham, New Jersey.
“It is not going to be that way. That’s what the Fed has been looking at and that’s why they’re raising rates the way they are. So this will take time and this is not going to be a quick thing.”
Persistent inflation has sparked worries about the Fed’s aggressive monetary action tipping the world’s largest economy into a recession. Money markets are pricing in a 92% chance of another 75-basis-point hike in November.
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